安全事故和资金互流

IF 2.3 3区经济学 Q2 ECONOMICS

Journal of Economic Behavior & Organization Pub Date : 2025-02-27 DOI:10.1016/j.jebo.2024.106875

Xuefeng Hu , Bochen Wu , Rong Xu , Yifan Zhou

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引用次数: 0

摘要

我们使用手工收集的中国重大安全事故（msa）数据集，发现风险股票基金在msa之后出现负净流量。此外，风险较高的基金对伤亡的敏感度高于较安全的基金。“特别严重”事故对流量的影响大于“严重”事故，这与“更严重”事故吸引更多公众关注的观点是一致的。msa后，投资者的风险承担意愿降低，保险需求增加。资金流动不能用基金对msa经济损失的敞口来解释。总的来说，我们将msa对后续资金流动的负面影响解释为与msa相关的负面情绪引发的风险厌恶情绪增加的证据。

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Safety accidents and mutual fund flows

Using a hand-collected dataset on major safety accidents (MSAs) in China, we find risky equity funds experience negative net flows following MSAs. Furthermore, riskier funds demonstrate higher sensitivities to casualties than safer funds do. Consistent with the idea that more serious accidents attract greater public attention, “extraordinarily serious” accidents’ impact on flows is larger than “serious” accidents’. Investors’ willingness to take risks decreases and insurance demand increases following MSAs. Flows are not explained by funds’ exposure to MSAs’ economic losses. Collectively, we interpret the negative effect of MSAs on subsequent fund flows as evidence of increased risk aversion stemming from negative emotions associated with MSAs.

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来源期刊

Journal of Economic Behavior & Organization ECONOMICS-

CiteScore

3.80

自引率

9.10%

发文量

392

期刊介绍： The Journal of Economic Behavior and Organization is devoted to theoretical and empirical research concerning economic decision, organization and behavior and to economic change in all its aspects. Its specific purposes are to foster an improved understanding of how human cognitive, computational and informational characteristics influence the working of economic organizations and market economies and how an economy structural features lead to various types of micro and macro behavior, to changing patterns of development and to institutional evolution. Research with these purposes that explore the interrelations of economics with other disciplines such as biology, psychology, law, anthropology, sociology and mathematics is particularly welcome.